Answer pleaaseI need asap 11. In the preparation of the worksheet, if the total credits are greater than total debits under theincome statement column:a. There is net incomeb. There is net lossc. Income in understated.d. Expense is overstated.13. Which of the following statements pertaining to the compensating balance islare correct?1. A compensating balance that is unrestricted as to withdraw is reported as part of cashII. A compensating balance that is legally restricted and related to a short- term loan formspart of cash.ilII. A compensating balance that is legally restricted and related to a short-term loan is notpart of cash but classified separately as a current asset.iv. A compensating balance that is legally restricted and related to a long- term loan isclassified separately as a non-current asset.a. I onlyb. I, II, and IVc. I, II, and IVd. Il and IV only14. When using the allowance method of accounting for doubtful accounts, what is the effect ofwriting off an uncollectible account on the accounts receivable and the allowance for doubtfulaccounts?AccountsReceivableIncreaseAllowance forDoubtful accountsа.Increaseb. DecreaseDecreaseC.IncreaseDecreased. DecreaseIncrease

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11. In the preparation of the worksheet, if the total credits are greater than total debits under the income statement column: a. There is net income b. There is net loss c. Income in understated. d. Expense is overstated.

11. In the preparation of the worksheet, if the total credits are greater than total debits under the income statement column: a. There is net income b. There is net loss c. Income in understated. d. Expense is overstated.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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Question

Answer pleaase

I need asap

11. In the preparation of the worksheet, if the total credits are greater than total debits under the
income statement column:
a. There is net income
b. There is net loss
c. Income in understated.
d. Expense is overstated.
13. Which of the following statements pertaining to the compensating balance islare correct?
1. A compensating balance that is unrestricted as to withdraw is reported as part of cash
II. A compensating balance that is legally restricted and related to a short- term loan forms
part of cash.
ilII. A compensating balance that is legally restricted and related to a short-term loan is not
part of cash but classified separately as a current asset.
iv. A compensating balance that is legally restricted and related to a long- term loan is
classified separately as a non-current asset.
a. I only
b. I, II, and IV
c. I, II, and IV
d. Il and IV only
14. When using the allowance method of accounting for doubtful accounts, what is the effect of
writing off an uncollectible account on the accounts receivable and the allowance for doubtful
accounts?
Accounts
Receivable
Increase
Allowance for
Doubtful accounts
а.
Increase
b. Decrease
Decrease
C.
Increase
Decrease
d. Decrease
Increase

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